Deposit in my sb after 8/11/16.
This query is : Resolved
26 November 2016
Sir
I have sold out my ancestral agri land for a value of Rs.13,44,100 on 27/10/16. I have received cash from the buyer
and the amount was deposited in my S/B a/c on 18/11/16.I have land registration copy for that amount as a proof.please explain me whether I have to pay tax for that amount or not.where should i show the amount in my retuns.
Thanking you.
From; rkscfa@gmail.com
I have sold out my ancestral agri land for a value of Rs.13,44,100 on 27/10/16. I have received cash from the buyer
and the amount was deposited in my S/B a/c on 18/11/16.I have land registration copy for that amount as a proof.please explain me whether I have to pay tax for that amount or not.where should i show the amount in my retuns.
Thanking you.
From; rkscfa@gmail.com
26 November 2016
If your income is only agricultural income then you can receive the sale proceeds in cash. If the land sold is a rural agricultural land situated 8 KMs away from municipal limits the gain on sale is exempted from Income tax. In such a case file the return showing the gain on sale under exempted income.
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